If the system is appearing to turn on, but no compressor, Check the capasitor on the condensor unit. If you open the service panel, you can test the compressor by pushing in the contact switch. If you push the switch and all comes on, Replace the thermostat after checking to make sure the thermostat wires are not cut or disconnected. The capasitor usually looks like it is swelling if it has gone bad

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Related Questions:

Hi,
The red light indicates it's either heating or in defrost mode
Check the outdoor unit if the compressor is running - the large pipe on the outdoor unit should be hot on heating or cool to touch on cooling
When in heating mode - the indoor fan will not start until the indoor coil is warm enough
If the reversing valve that changes from heating to cooling is faulty then you may encounter the same symptoms too
Probably need a Refrig Tech to have a look at it?
Good luck

If there is 3 indoor units from one condensing unit
(6 pipes at outdoor unit) this is classed as a multi unit

All units will run correctly as long as they all require same mode, cooling or heating, if one unit decides to heat it will shut down until master unit decides to heat then it will start, for each unit to individually heat and cool there would have to be 3 pipes to each indoor,

After replacing the burned condenser board, check also the entire condensing unit if still ok ( compressor and fan motor). If the light inside the indoor unit is still flashing, the timer is still not giving signal for the compressor to start. Adjust temperature and wait for 3-5 minutes. It light continue flashing, there is something wrong with the indoor unit control.

Multi Splits and Multi V = indoor unit is set to run in a different mode from the master indoor unit. Set ALL indoor units to cooling or ALL to heating to clear.Splits = Compressor Over Current (CT2), Check loose wiring/condenser coil for clean

The blinking light is because the unit is waiting for the outdoor unit to come on. If in heating mode, the indoor fan will not run before enough pressure and therefore heat has built up. You should check that the indoor air return sensor is not faulty and therefore preventing the outdoor unit from coming on.